She added that though the Naira is yet to be devalued, that people are already operating on a devalued currency.

"While most people complain about the possibility of there being a devaluation, people are already operating on a devalued currency, and the only people who are not, are people who are doing it officially," Thomas-Greenfield said.

"Our recommendation is, and we will have discussions about it ... that they should look at the exchange rate and try to make the exchange rate more realistic to what the value of the naira is to the dollar," she added.